Tuesday, September 27, 2022
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Twitter Shares At Loss,Days After Suspending Trump

German-listed  Twitter shares slumped as much as eight per cent on Monday, the first trading day after it permanently suspended US President Donald Trump’s account late last Friday.

The company said the suspension of Trump’s account, which had more than 88 million followers, was due to the risk of further violence, following the storming of the US Capitol last Wednesday.

At 1011 GMT, the social media firm’s US-listed shares were also off 6.8 per cent at $47.94 in thin premarket trading, according to Reuters.

It was the first time Twitter banned a head of state, sparking a worldwide controversy over the impact US tech giants can have on free speech and democracy more broadly.

For Twitter’s balance sheet itself, the decision to ban the US president is expected to have a moderate negative impact.

Facebook Inc has  also suspended Trump’s account until at least the end of his presidential term later this month.

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